Financial services are a huge industry that impacts every part of the economy. This sector is made up of companies, banks and even individuals who offer a wide variety of financial products and services. Banks collect deposits from those who have money, pool them, and then lend it to those who need it. Financial services also include debt resolution, credit card companies and networks, global payment systems (like Visa or MasterCard), credit rating agencies, insurance brokers and agents, and the securities exchanges that facilitate stock, derivative, and commodity trades.
When people think of financial services, they often think of big players like hedge fund managers and investment bankers. However, financial services extend to many small community banks and even nonprofits. This broad sector encompasses everything that has to do with money, from investments to insurance policies to credit cards. It also includes things like debt resolution, foreign currency exchange, and wire transfer services.
A Career in Financial Services
While the pay isn’t massive, this is a lucrative industry that can lead to a lot of growth professionally. Plus, the work is often fast-paced and exciting. The financial services workforce tends to be a very social group, and it’s not uncommon for employees to make life-long friends in this sector. If you’re a hard worker and have the right personality, this is an excellent industry to explore. Just make sure you know what you’re getting into before jumping into a role.